Asia Regional Integration Center

With Thailand as prime mover, the Asian Bond Market Development Initiative under ACD aims to provide political support and improve public awareness for Asian bond market development. It will build on work already done by other forums. During the 2nd Ministerial Meeting in June 2003, ACD Ministers adopted the Chiang Mai Declaration on Asian Bond Market Development. Collaborative work on the initiative continues. Several meetings have been organized by the Working Group on Financial Cooperation, which serves as the primary venue for experts to interact, discuss, and exchange views on issues crucial to promoting Asian bond market development - including demand, supply, and market infrastructure. In its Declaration on Asia Cooperation, adopted at the 3rd ACD Ministerial Meeting in June 2004, ACD members reiterated commitments under the Chiang Mai Declaration, including the establishment of an Asian Bond Fund to invest in local currency denominated bonds.

The 18 original member countries are Bahrain, Bangladesh, Brunei Darussalam, Cambodia, the People’s Republic of China, India, Indonesia, the Republic of Korea, Japan, the Lao People’s Democratic Republic, Malaysia, Myanmar, Pakistan, the Philippines, Qatar, Singapore, Thailand, and Viet Nam. Newer members are Bhutan, Iran, Kazakhstan, Kuwait, Mongolia, Oman, Russia, Saudi Arabia, Sri Lanka, and United Arab Emirates.